China Nonferrous gets nod for investment in Terramin zinc mine
Friday, 10 Jul 2009
Interfax-China reported that China Nonferrous Metal Industry's Foreign Engineering and Construction Co Ltd have received the last two regulatory approvals for its proposed AUD 10 million investment into zinc miner Terramin Australia Ltd.
Shenzhen Stock Exchange listed NFC said China's Ministry of Commerce approved the deal on June 26th and China's State Administration of Foreign Exchange gave the thumbs up on June 20th. NFC's Terramin investment has now passed both Australian and Chinese government reviews.
Go aheads from Australia's Foreign Investment Review Board and China's National Development and Reform Commission were received in early June.
According to an agreement signed between the two companies in March 2009, Terramin will issue 15.5 million new shares at AUD 0.65 per share to NFC which will make it the largest shareholder in the Australian zinc miner with an 11.22% stake.
Terramin has total zinc and lead resources of 4.05 million tonnes measured by metal content at its Angas Zinc Mine in South Australia and the Tala Hamza zinc and lead deposit in Algeria.
